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NatWest Markets migrated to Google Cloud to enable unlimited scalability, power predictive risk modeling with analytics capabilities, and streamline regulatory compliance.
Established in 2016 as an investment arm of Natwest Group. NatWest Market helps our corporate and institutional clients manage their financial risk and achieve their financial goals while navigating changing markets and regulations. Today, the company’s mission is to provide products and solutions focused on currencies, exchange rates and financing, as well as to actively support its clients in achieving broader environmental and social goals.
Jeremy Arnold, chief risk officer at NatWest Markets, said: “We measure our success by the results we deliver to our clients.
“But to provide excellent customer service and fast execution, we need to anticipate their needs with the right people and the right technology.”
In fact, the bank’s Risk applications are deployed on a high-performance computing network managed by NatWest Group’s central technology team. But in 2019, faced with the need to accelerate more data on aging servers, NatWest Markets Risk decided to move its platforms to the cloud.
Chris Conway, head of risk and financial technology at NatWest Markets, said: “As the amount of data we need to process continues to grow, regulators are more demanding and customers expect faster service, it’s become clear that this wasn’t enough. We’ve accelerated the process and it’s business as usual. . Instead, we had to change the way we did things.”
Deciding to move to the cloud instead of rebuilding and buying new servers, Conway and his team used the momentum to research tools that could be integrated with serverless infrastructure to help the bank adapt for the long term. Google Cloud Platform to accelerate this digital transformation.
“Google Cloud is an ideal solution for us because it provides analytics capabilities that scale on demand, expand what we can do for our customers, and automated services that free our team from managing infrastructure,” Conway explained. had goals, and by working with Google Cloud, we were able to achieve them.”
Helping colleagues and customers realize their potential faster
Velocity plays an important role in financial markets, especially at a time when market volatility is affecting the global system. For example, price volatility and interest rate news can affect a company’s risk appetite within seconds. NatWest Markets understands the importance of supporting our clients by gathering signals from multiple data points and enabling them to make timely business decisions. Therefore, when planning your cloud migration, migrate data processing workloads BigQuery turning data into insights quickly and cost-effectively was a priority.
“Traditional data warehouses are not designed to handle today’s financial data growth, perform advanced analytics, and scale quickly and cost-effectively. As a result, many financial institutions are overwhelmed by operational complexity and unable to innovate,” said Conway. “As a modern and truly serverless data warehouse, BigQuery addresses our current analytics demands with blazing-fast, real-time, predictive insights, while scaling as our data needs grow.”
NatWest Markets has invested in training 1,100 employees on the Google Cloud platform throughout 2021 to build the company’s cloud capabilities, with nearly 100 of them becoming Google Cloud certified. “We are in constant dialogue with the Google Cloud team, so our progress requires a mutual effort. It’s critical for us to support and train our engineers to think differently, use tools they like, and take an active role in driving cloud migration.”
High-performance computing for risk modeling and regulatory reporting
With the successful migration journey underway, NatWest Markets has already significantly reduced the overall time to complete business-critical pricing and risk management activities. “We saw a 60% overnight improvement in compute time for risk simulations and computational batch processing just by moving from on-premises to BigQuery,” Conway explained. NatWest Markets uses multiple Google Cloud products to achieve these results, including Compute Engine, Google Kubernetes Engine, Cloud SQL, Cloud Storage, BigQuery and Dataproc.
At the same time, regulatory compliance and effective management of regulatory relationships remain critical to NatWest Markets’ ongoing success, so the company is taking advantage of the opportunity to streamline regulatory reporting with integrated data on BigQuery.
NatWest Markets then aims to build artificial intelligence and machine learning capabilities to identify potential financial risks for clients before they occur. “Our goal is to better connect the dots from disparate data sources with machine learning for all risk modeling, monitoring and control on Google Cloud starting in 2022,” Conway said.
NatWest Markets is also investigating how Google Kubernetes Engine This helps improve performance by preserving application components when moving from a monolithic architecture to a microservices architecture. “We’re aiming to accelerate the XVA (valuation adjustment) table release time from 12 months to 2 weeks, and we’re just scratching the surface of what we can do with Google Cloud,” Conway said.
Helping to overcome the climate crisis
NatWest Markets is also thinking about how it does its business, in addition to focusing on customer service and the best use of technology. “Positive climate” by 2025. As part of the broader NatWest Group goals, the group aims to use 100% renewable electricity in its direct global operations by 2025, and to improve energy efficiency by 40% from the 2015 baseline by 2025.
The company is working to help others accelerate the transition to a low-carbon economy. “We are talking to all of our customers about our plans to transition to a low-carbon way of doing business, and we have made it clear as a group that we are not interested in partnering with companies that are not responsible for their carbon footprint,” Arnold said. “With that in mind, Google Cloud is the truth carbon neutral Our commitment to zero-carbon energy by 2030 is part of the reason we have strengthened our relationship over the past 18 months, and we look forward to a long and successful partnership.”
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